Hedge fund Third Point is running a proxy contest at Massey Energy. Tim Huber reports:
UCLA law professor Stephen Bainbridge described the results [of such hedge fund activism] as a mixed bag. For instance, financier Carl Icahn had to back off in an attempt to break up Time Warner Inc. earlier this year and other funds failed to thwart the merger of long- distance telephone company MCI Inc. with Verizon Communications in favor of a deal with Denver-based Qwest Communications International Inc.
